Novo Nordisk (Novo Nordisk (NVO)) presented new data from its STEP UP clinical trial at the European Congress on Obesity, and the results are a big deal for anyone watching the weight-loss drug space. The key takeaway: a higher dose of Wegovy helped people with obesity lose a lot of weight, and most of that loss came from body fat, not muscle.
The STEP UP trial tested three groups over 72 weeks: semaglutide 7.2 mg, semaglutide 2.4 mg (the current approved dose), and a placebo. More than 1,400 adults with obesity but without Type 2 diabetes participated. The results were striking. Patients on the 7.2 mg dose lost an average of 21% of their body weight—about 23 kilograms, or 50 pounds, for someone starting at 113 kilograms. The 2.4 mg group lost about 17.5%, and the placebo group lost just 2.4%. Novo Nordisk said the higher dose's safety and tolerability were consistent with the 2.4 mg dose, which is reassuring.
One of the more interesting analyses looked at how quickly people responded. Researchers defined "early responders" as those who lost at least 15% of their body weight within the first 24 weeks. Among the 7.2 mg group, 27% qualified as early responders, compared with 21% in the 2.4 mg group and only 3% on placebo. And those early responders on the higher dose didn't stop there—they went on to lose an average of 27.7% of their body weight by week 72. That's a massive number.
But the really compelling part is what the weight loss consisted of. In a sub-analysis of 55 participants, MRI scans showed that 84% of the weight lost with semaglutide was fat mass. Abdominal visceral fat—the dangerous kind that wraps around organs—dropped by more than 30%. Muscle mass did decline by about 10% from baseline, but here's the good news: functional muscle strength, measured by a 30-second sit-to-stand test, was preserved. So patients weren't just getting lighter; they were getting healthier.
This matters because one of the criticisms of GLP-1 drugs has been that they might cause too much muscle loss. These data suggest that while some muscle loss occurs, it doesn't necessarily translate to weakness, and the fat loss is substantial. For Novo Nordisk, it's a strong narrative to counter competitors like Eli Lilly's tirzepatide.
As for the stock, Novo Nordisk shares were up 0.42% at $46.40 on Tuesday. Over the past month, NVO has gained about 25%, outpacing the S&P 500's 8.2% rise. But year-to-date, it's still down roughly 10%, compared to the index's 6.9% gain. So the stock has been on a rollercoaster, but this data could help stabilize sentiment.
